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Shanghai copper weak shock weak economic data caused demand concerns

 Last Update: 2022-12-22
 Source: Internet
 Author: User

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Today's Shanghai copper weak shock, the main month 2109 contract opened at 69820 yuan / ton, the highest intraday 70050 yuan / ton, the lowest 69500 yuan / ton, settlement 70250 yuan / ton, closed 69710 yuan / ton, down 540 yuan
.
The trading volume of the main 2109 contract of Shanghai copper decreased by 27727 lots to 79978 lots throughout the day, and the position volume of 114642 lots decreased by 5596 lots
.

Shanghai copper

During the Asian session, London copper fluctuated in a narrow range, and the latest quotation at 15:01 Beijing time was 9443 US dollars / ton, up 4 US dollars, or 0.
04%.

In terms of the market, today's domestic spot copper prices fell, 1# copper price was reported at 70020 yuan / ton, down 520 yuan, premium 230-290; Guangdong spot 1# copper price was reported at 69950 yuan / ton, down 490 yuan; Yangtze River spot 1# copper 70080 yuan / ton, down 490 yuan, premium 300-liter 320; Shanghai spot 1# copper price was 70,020 yuan / ton, down 320 yuan
.

In the spot market, the holders actively ship, the receivers replenish the stock at the low, the demand for low-priced sources is better, and the overall trading volume is average
.
China's poor July economic data weighed on market sentiment, and the country's renewed emphasis on supply and price stabilization policies weighed
on copper prices.

In terms of news, the two mines in South America basically reached a labor-management agreement, but the weak domestic economic data caused demand concerns, the added value of industries above designated size increased by 6.
4% year-on-year in July, less than expected to fall from the previous value, fixed asset investment fell by 2.
3 percentage points, and the economic situation in the second half of the year is still grim, and copper prices are expected to fall
slightly today.

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